If I am sued regarding a personal injury, is my IRA protected?
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If I am sued regarding a personal injury, is my IRA protected?
If so, up to how much?
Asked on August 4, 2011 New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I believe that the question you want to know is if your are sued and a judgement is rendered against you is your retirement asset - the IRA - exempt from collection, correct? New York has what is known as the Exempt Income Protection Act, which protects those from certain creditors of private debts (not governmental debts such as the payment of taxes and child support payments). Under the act an IRA - as long as it is properly designated as such - is protected from the attachment by a creditor. Please get help if you are bring sued. Avoiding a judgement is always better than worrying about it after. Good luck.
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